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Does anyone know from personal experience what kind of paperwork I would need to submit for 80/20 apartment lease renewal and what to do if income was increased.
You need to look at the terms of the original lease you signed and see if you're required to requalify. With most 80/20 buildings, tentants are rent-stabilized, and you are not required to submit any more documentation once you are actually living in the apartment.
A friend of mine who won a lottery last year wasn't required to give any documentation for her lease renewal.
She is required, though, to give the landlord 30 days' notice if someone moves into the apartment with her.
Don't let a nosy landlord poke into your affairs unless he or she has the legal right to do so, and that will be stated in your original lease.
You generally do need to recertify (there's a form online --I think it's in the HDC Marketing Guidelines). It's supposed to be attached to your original lease as a rider. Your income can increase, it doesn't have to stay within the original guidelines.
So what happens if you've gotten a raise and no longer qualify for the apartment you're living in?
As one understands, basically nothing.
Every single query to that question comes back no one has ever heard of an 80/20 lottery winner being "evicted" from their low rent apartment because of higher income.
If the unit is RS then those laws control when and now a lease can be terminated, thus it would fall to vacancy decontrol.
“Once a household rents an apartment, the income eligibility requirements are no longer the basis of the rent (even though the households are required to rectify their incomes each year.) Rents do not go up or down in proportion to the tenant’s income (as with public housing or Section 8); instead, the units are typically subject to rent-stabilization, and the rent increases follow the same guidelines as other rent-stabilized apartments.”
This why some call BS for the whole 80/20 scheme. A 25 or 35 year old person or household made up of such can meet income requirements *now*, but as they grow older and their income (should) rise they can keep their apartment regardless. The City and State simply took the same "lottery" that gave RS tenants of old luck in that they landed below market apartments and expanded.
This is one of the reasons why NYC will never dig itself out of the affordable housing hole. Once created and filled the turnover for these units is quite low, so the only solution is to keep building more....
You could sign a lease for an "affordable" apartment on Monday and hit Power Ball on Friday and still keep that apartment.
Do you know if there is a preferential rent or higher legal rent attached to these 80/20 below market rent apartments?
In theory, if the 80/20 tenant is paying below market rent because of the 80/20 program the building is enrolled in, logic would say that the higher legal regulated rent would be documented in the lease as well as a preferential rent rider would be attached like a normal RS tenant.
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